“The exact reasons for Cohen ditching his stake are not yet known,” Neil Saunders, managing director of GlobalData, said in a report. On Thursday evening, the billionaire confirmed he had exited his position, sending the stock down another 36% in after-hours trading. They bought the dip, expecting another GameStop-like rally.īut Cohen didn’t come to the rescue. To his loyal followers online, many who claim to have poured their savings into Bed Bath & Beyond stock, Cohen’s silence was a sign that he was up to something, that he didn’t actually plan to sell. Even more perplexing than the filing itself was Cohen’s silence on the matter. The news sent Bed Bath & Beyond shares tumbling about 20%. On Wednesday, Cohen filed paperwork with the SEC saying he intends to sell the vast majority of his Bed Bath & Beyond stake, just five months after acquiring it. In early March, when Cohen announced his stake in Bed Bath & Beyond, the Reddit crowd was fired up.īed Bath & Beyond shares were soaring. Then came the twist no one saw coming. Cohen is now the chairman of GameStop, and something of a Millennial Warren Buffett for non-professional traders on Reddit and other social media. If the name rings a bell it’s probably because Cohen’s appointment in January 2021 to the board of GameStop helped spark a 1,600% rally in GME, turning the screws on short sellers and ushering in a new era for internet-based retail investors. That investor was Ryan Cohen, the co-founder of. Here’s the deal: Bed Bath & Beyond’s business has been circling the drain for a while, but the stock got a boost this spring when a prominent young investor took at 10% stake, aiming to push for changes that would modernize the company. We’ve had Top Gun, Jurassic World, Thor… and now we’re all buying tickets for GameStop Part 2: Bed Bath & Beyond.
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